The Universities Superannuation Scheme (USS) has sold a 40% stake in a UK motorway services firm to private equity firm CVC Capital.
The 拢49bn (鈧�66.9bn) USS bought Moto Hospitality 鈥� the UK鈥檚 largest motorway service station operator 鈥� in .
USS said it had already worked with CVC, with which it has a 鈥渓ong-standing relationship, having worked together on other investment opportunities鈥�.
鈥淚t became quickly apparent that CVC was best placed to help drive long-term, sustainable value generation and was the best partner,鈥� the scheme said in a statement.
The stake was sold for an undisclosed amount.
Media reports suggest CVC paid around 拢400m.
Mike Powell, head of private markets group at USS Investment Management, said the deal was an 鈥渋mportant step in the development鈥� of USS鈥檚 direct investment strategy within private equity.
CVC鈥檚 Strategic Opportunities platform, he said, is 鈥渋deally aligned to USS鈥檚 long-term investment horizon and prudent approach to capital structures鈥�.
The deal is the platform鈥檚 second.
Marc Boughton, managing partner of the platform, said: 鈥淢oto provides a valuable service to all motorists across the UK and is the perfect match for our platform.鈥�
Moto, which has 45 locations and 6,000 staff, was founded in 2001.
